Meta may really be exiting Europe as soon as this year
Well, we can but hope. The backlash from Instagram-obsessed people would be too much for politicians to bear, however…
Meta has—as it must—warned its investors that it’s in deep trouble in Europe. It’s neither a threat nor a bluff, but rather a statement of fact: without a successor to the U.S.-EU Privacy Shield deal, which the EU’s top court nuked a couple of years back, Facebook and Instagram will be forced to pack up and abandon the European market.
Indeed, this uncomfortable reality was made clearer last month, when Ireland’s privacy regulator submitted a draft decision to its EU peers that would ban Facebook and Insta from transferring Europeans’ personal data to the U.S., because there is no longer any legal basis for these transfers to continue.
I find it astonishing that even Facebook’s critics, let alone the markets, haven’t glommed onto the reality of the situation. I suspect the culprit is a deep-seated notion that Mark Zuckerberg’s all-powerful company can somehow fix this by modifying its legendarily bad privacy behavior—as though it had some brilliant solution hidden up its sleeve, just waiting until the last possible second before pulling it out.